GDP

Card Set Information

Author:
Kencollins08
ID:
133961
Filename:
GDP
Updated:
2012-02-09 01:54:28
Tags:
Econ2
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Description:
Gross Domestic Product
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  1. GDP
    The market value of all final goods/services produced within a nations boundary over a period of time
  2. To calculate rate of growth?
    newest - oldest/oldest
  3. Nominal GDP
    • measures all final goods produced in a given time period valued at the prices existing during the time period of production
  4. Real GDP
    • The value of all final goods and services produced during any time period valued at prices existing in a base year
  5. Exclusions to GDP calculations?
    • intermediate goods
    • second-hand/used/pre-owned products
    • financial transactions (stocks, bonds, etc.)
    • transfer payments
    • household production
    • underground economy
  6. Disposable Income
    personal income minus personal taxes
  7. GDP deflator (inflation)
  8. Two ways to calculate GDP
    • Expenditure (C+I+G+NX)
    • Income (W+R+i+P)
  9. GNP
    is the market value of all final goods and services produced by a nations residents no matter where they are located

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